1. a remedy for all disease or ills; cure-all.
2. an answer or solution for all problems or difficulties: His economic philosophy is a good one, but he tries to use it as a panacea.
Wordsmith Wednesdays made-up example sentence:
In Indiana Jones and the Last Crusade, water from the Holy Grail is depicted as a panacea.
View this word on Dictionary.com for pronunciation and additional definitions.