The mechanism of action of Digibind involves the binding of its antibody fragments to the free digoxin molecules in the bloodstream. This binding forms a complex that is too large to exert toxic effects, thereby reducing the free concentration of digoxin. The digoxin-antibody complex is then eliminated from the body through the kidneys. By reducing the free digoxin levels, Digibind alleviates the toxic effects and helps restore normal cardiac function.