Meaning

noun any of various aromatic resinous substances used for healing and soothing

noun semisolid preparation (usually containing a medicine) applied externally as a remedy or for soothing an irritation

originInherited from Middle English bawme, borrowed from Anglo-Norman and Middle French baume, from Old French basme, from Latin balsamum, itself from Ancient Greek βάλσαμον (bálsamon). Spelling modified 16th c. to conform to Latin etymology. Doublet of balsam and desman.

Etymology from Wiktionary, CC BY-SA 3.0