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Scientists all over the world are working at this fairly new way of looking for cures. The promising possibilities of finding cures for previously thought incurable diseases and the ability to make painkillers that will be more effective than morphine without any known side effects is a rewarding.

How Venom has many components and they are all different from species and to species. Each animal's venom components have different properties. For example, Sydney's Funnel Web Spider has over 200 different components in it's venom that attack different animals in different ways. If isolated each compound has possibilities of producing different drugs.
When Research for this has been fairly recent. However promising outcomes makes it a rapidly growing area of study.
Where Such studies are being done in UCLA, University of Chicago in Illinois, North America, and Australia (which is home to the top 5 most venomous snakes), and many other places around the world.
Why Scientists hope to successfully isolate many components of different types of venoms. They want to make vaccines that put an end to lethal diseases that have no known cures today.