Yes, certain components of cobra venom can be used for medical purposes. The most common use of cobra venom is in the production of antivenom, which is used to treat snakebite victims. Some components of cobra venom, particularly, alpha-cobratoxin, have been studied for their potential use in treating neurological disorders such as Alzheimer's disease and multiple sclerosis. However, further research is needed to determine the effectiveness and safety of these potential treatments.