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Hypicate (or hipecat) was a plant whose root had many uses, such as in medicines, defractive optics, and beauty supplies. One example was hypicate cream, a cosmetic product used to smooth skin wrinkles.

While in Dominion captivity in 2374, Ishka described to her Vorta captor Yelgrun the benefits of a diversified investment portfolio, having herself recently invested in 7,500 lots of hipecat futures. Yelgrun found it all very "fascinating", but also reminded her that he would be forced to kill her if her son Quark failed to arrive with Keevan as they had agreed. (DS9: "The Magnificent Ferengi")

Later that year, Ishka was to speak about hypicate cream to Nilva in an upcoming meeting regarding women in business. Upon Quark having to replace her in the guise of "Lumba" due to her medical issues, he studied her notes, which mentioned hypicate cream as leading to "smooth skin and healthier profits." (DS9: "Profit and Lace")

According to the script for "The Magnificent Ferengi"[1], the original spelling of this term was "hipecate", the later reference to the term, in the script for "Profit and Lace"[2], spelled the term "hypicate" (with the pronunciation of "HIP-eh-kat" given); this spelling is also the one used by the Star Trek Encyclopedia.