No way alcohol is remedy (7)
I believe the answer is:
nostrum
'remedy' is the definition.
(nostrum is a kind of remedy)
'no way alcohol' is the wordplay.
'way' becomes 'st'.
'alcohol' becomes 'rum' (rum is a kind of alcohol).
'no'+'st'+'rum'='NOSTRUM'
'is' is the link.
(Other definitions for nostrum that I've seen before include "Must Ron take a quack remedy?" , "Ineffective medical preparation" , "Ineffective medicine" , "Tonic" , "Quack remedy or pet scheme" .)