Panadol Cold and Flu is used to treat cold and flu symptoms such as nasal congestion and inflammation, headaches, nerve pain, high temperature, sinus pain and swelling, itchy eyes, watery eyes, and constant sneezing. Panadol Cold and Flu is a compound used to relieve cold and flu symptoms. It consists of paracetamol, which is a pain reliever and fever reducer. It works by reducing the activity of cyclooxygenase enzymes in the body, and phenylephrine, which is a decongestant. It works to constrict blood vessels in the nasal passages, which helps relieve congestion and blockage resulting from the expansion of these vessels.