nostrum

/หˆnษ‘.stษนษ™m/

IPA: /N AA1 S T R AH0 M/

noun
  1. 1

    A medicine or remedy in conventional use which has not been proven to have any desirable medical effects.

  2. 2

    An ineffective but favorite remedy for a problem, usually involving political action.

Source: https://en.wiktionary.org/wiki/nostrum