Whether the components are actually consumed for this spell seems unclear–would casting it actually use up and totally consume an entire 50 gp/ 8 lb item of alchemist's supplies? Or can the caster simply use a component pouch or spellcasting focus as usual?
The cost is equivalent to a Common magic item such as a basic Potion of Healing (50 gp), but the fact the Elixir vanishes after 24 hours would seem to indicate it isn't meant to be a replacement for the real thing, and thus may not have the same cost.
Spell as written:
Healing Elixir
1st-level conjuration
Casting Time: 1 minute
Range: Self
Components: V, S, M (alchemist’s supplies)
Duration: 24 hoursYou create a healing elixir in a simple vial that appears in your hand. The elixir retains its potency for the duration or until it’s consumed, at which point the vial vanishes.
As an action, a creature can drink the elixir or administer it to another creature. The drinker regains 2d4 + 2 hit points.
Best Answer
The supplies are not consumed
Components are only consumed when it expressly says so:
In the case of Healing Elixir, the material component does not come with a cost and does not say it is consumed, unlike, say, Arcane Lock's Material component :
So, where is the cost for the Elixir?
It's covered under Lifestyle Expenses, computed per day. PHB 157 has the relevant information: