Panchagavya, in sanskrit, literally means panch - five and gavya - cow based products. These five products from Indian cow when mixed in different combination and proportion with ancient indian medication system is called as Panchagavya Ayurved.

पंचगव्य क्षीर - दधि -घृत -गोमूत्र -गोमये ।
भिषजां सम्मत न्यून मधि भेष ज साधनम ।। (भै. र. ४/३७)

सर्वे देवा: स्थिता देहे सर्व देवमयी हि गौ: ।

Ayurved is one of the most ancient science of the world and in real sense it means 'Ayu - The life and veda - The science which means Ayurved is the science of life and not only just a medical science. This science has been mentioned by our ancient seers to get the ultimate goal of life that is 'Moksha' Ayurved has elaborately explained the secrets of healthy life style in the contexts of Dincharya, Rutucharya and the qualities and use of milk, curd, butter milk. ghee. butter and other Panchgavya products are also included under daily needs. Also in field of medicine, cow urine, ghee & gomaya swarasa has been extensively mentioned for the treatment of various health porblems. It is not at all possible to prepare the medicines without the use of anyone or more from cow's urine-ghee or milk and thus it is impossible to think about Ayurved without Panchgavya. 

Panchgavya Ayurveda

The 5 entitles classified under panchgavya are Gomutra (urine) Goghrita (ghee) Godadhi (curd) Gomaya (dung) Godugdha (milk). When Yaksha questioned Yudhishthir. What is Amrita? to this answered Gomutram i.e. cow urine is Amrita. 
Even today we can answer the same question in a similar manner. Shantikunj's Pandit Shriram Sharma fed on cow's milk for 24 years and completed his Gayatri Vrat. 
The chinese traveler faahiyan has mentioned about being offered milk after asking the water. Goghrita has divine power like that in the holy water of Ganga. Curd helping in controlling cholesterol It is helpful in treatment of cancer. Gomutra is Anti toxic, Antiseptic and Antibiotic. 
According to a scientist named Biped fresh cowdung is best used against microbs of maleria. The specialized doctors have collected references from ancient times. The texts & after immense research named it Panchgavya Chikitsa in Deolapar sevadham there is a pharmacy for medicine preparation and primary laboratory. The Maharashtra Govt. has permitted the institute to prepare 40 types of medicines. In this kind of treatment other Ayurvedic medicines are used along with Panchgavya.