Skipping to next loop iteration depending upon the time a function within the current loop is executing in Python

Question

Lets say I have a function 'demo()' performing some task. This function takes 1 min to execute. But some times this function takes over 5 mins to execute. I want to make it such that if this function keeps running of over 3 mins, it should skip the current loop iteration and go to the next loop iteration.

Code:

while True:
    demo(input)

I thought of using 'time' module but I could only come up with this:

import time

while True:
    start_time = time.time()  

    demo(input)

    elapsed_time = time.time() - start_time      
    if elapsed_time > 180:  # 180 seconds = 3 minutes
        continue

But this won't work since the code after the function wont be executed until demo() has been executed.

I couldn't find a solution to this. Any suggestions are appreciated, thank you.