Small doses of venom are not lethal, but can be used to generate antibodies (or parts of antibodies) against the venom, similar to how you would generate antibodies in response to an infection or vaccine. Generally small amounts of venom are administered to a species (like sheep) and we can extract and purify the antibodies after they develop and administer them to an affected individual.
The antibodies in the antivenom bind up the venom in the blood and prevent it from having effects at the tissue level; however, they generally have very limited effects on the damage already done to tissues which is why there is a time-dependence. There are other medications like varespladib which directly inhibit some of the enzymes in venom at the tissue level and have had promising results in clinical trials.
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