No there are different meds for different degree of fever. I have the pink paracetamol liquid for mild fever and once I was given an orange liquid (forgot name) for fever reaching 38.5. I also have Voltaren suppository for high fever.
Put your baby in light clothing and sponge him with warm water on head, back of neck, chest and armpits. NOT COLD water. Keep giving the paracetamol periodically and if fever dont't subside by 3rd day, think you should go back to the pediatrician.