Depending on the context (does the formula solve problems? And if so, do you want to make it clear that it doesn't solve them all?) you may use:

**panacea**

> 1. something that will solve all problems:
>
>*Technology is not a panacea for all our problems.*
>
> 2. something that will cure all illnesses
>
>[Cambridge][1] 


  [1]: https://dictionary.cambridge.org/dictionary/english/panacea