Panacea is an unincorporated community and census-designated place in Wakulla County, Florida, United States. The population was 735 at the 2020 census, down from 816 at the 2010 census. It is part of the Tallahassee, Florida Metropolitan Statistical Area. The mule drawn and wooden railed Panacea Team brought tourists from Sopchoppy. It is home to Gulf Specimen Marine Lab and its nature center.