Alchemy: 

v  The universal cure for disease.

v  Discovery of a means of prolonging life.

v  A power or process of transforming some thing into something precious.

v  A medieval chemical science and philosophy aiming to achieve the transmutation of the base metals into gold.

Elixir:

v  The essential principal.

v  A sweetened liquid used as a vehicle for medicinal agents.

v  A substance that is believed to cure all ills.