Panacea was a daughter of Asclepius, Greek god of healing, and assisted him in his work, as did his four other daughters and three of his sons. Hygeia was her sister (see her asteroid entry for more details on her usage). Panacea’s purview was medicines, specifically those designed as universal cures. Her name has come to symbolize any general remedy, “quick fix” or cure-all, not only for disease, but any complicated problem or issue.
Astrologically, Panacea represents pharmaceuticals and drugs, both legal and illegal or recreational, as well as the desire to easily fix a situation or problem in a simple and uncomplicated way. There can be a certain level of naiveté in applying the simplistic solutions Panacea promotes, a merely skin-deep approach to problems which do not address root causes, but seek to gloss over a complex issue so as to achieve the appearance of success in solving it.