[quote=ERode]
 Like, insta-heal medicine? Muscle-enhancing turkey? Beard-growing beer?
[/quote]

Depends.

You would have things that'd be classified as food for certain. Maybe an apple that fills you with one bite, perhaps chocolates that induce extreme satisfaction in the consumer, or a liquid that changes to the consumer's favorite drink.

Then there's things that could be considered to be both food/medicine. Drinks that increase the consumer's strength or mental acuity. 

And then magical medicine (maybe it's just advanced science who knows?) which would be things like pills that heal physical injuries, a shot that purges all poisons from the body, etc.

Basically, magical food is useful for its more enjoyable? (not sure if that's the right word) effects, while medicine tends to lean towards practical/combat effects.