CATHOLICON

Catholicon: A panacea or universal remedy.

While catholicon and panacea are basically synonyms now, they didn't start that way. They have different origins. Additionally, the literature suggests that catholicon represents a cure for most things and usually has a medical connotation. Conversely, a panacea is a solution to everything.

An interesting way to remember this is that catholicon comes from the word "catholic," emphasis on the little c — emphasizing a wide variety of things.