nostrum vs panacea

nostrum and panacea both are nouns.

Word	Noun	Adjective	Verb	Adverb
nostrum	Yes	No	No	No
panacea	Yes	No	No	No

As nouns, nostrum and panacea are synonyms defined as:

nostrum and panacea: hypothetical remedy for all ills or diseases; once sought by the alchemists

Other synonyms of nostrum include catholicon, cure-all.

nostrum (noun)	panacea (noun)
patent medicine whose efficacy is questionable	hypothetical remedy for all ills or diseases; once sought by the alchemists
hypothetical remedy for all ills or diseases; once sought by the alchemists