panacea vs elixir

panacea and elixir both are nouns.

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

As nouns, elixir is a hyponym of panacea; that is, elixir is a word with a more specific, narrower meaning than panacea:

panacea: hypothetical remedy for all ills or diseases; once sought by the alchemists
elixir: a substance believed to cure all ills

panacea (noun)	elixir (noun)
hypothetical remedy for all ills or diseases; once sought by the alchemists	a substance believed to cure all ills
	a sweet flavored liquid (usually containing a small amount of alcohol) used in compounding medicines to be taken by mouth in order to mask an unpleasant taste
	hypothetical substance that the alchemists believed to be capable of changing base metals into gold