Often used figuratively to suggest an overly optimistic or naive solution. While exercise is healthy, it's not a panacea for all lifestyle issues.
Pro Tip 2/3
Not Literal
In modern times, 'panacea' is rarely meant literally but instead indicates a general fix. Technology isn't a panacea for educational challenges.
Pro Tip 3/3
Sarcasm Warning
Can be used sarcastically to imply that something is not actually a comprehensive solution. Oh sure, just throw money at the problem; like that's a panacea.