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Could someone please help me out.

Amiodarone, a drug most commonly sold under the brand name Cordarone (TM), is sometimes used to treat irregular heart beat.
The verb used here is = used
Its in the past tense

The sentence sounds like its in present tense. However since a verb in past tense is used the sentence is in present continuous tense. Is my logic correct?
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is used - simple present tense in the passive voice.

used is a past participle, not the past tense.

There is nothing continuous about "is used" because there is no -ing form of any verb there. You have to have an -ing to have a continuous tense.

CJ
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hevtolo Amiodarone, a drug most commonly sold under the brand name Cordarone (TM), is sometimes used to treat irregular heart beat.
The verb used here is = used
Its in the past tense
The sentence sounds like its in present tense. However since a verb in past tense is used the sentence is in present continuous tense. Is my logic correct?
No, I'm afraid not. It is present tense, but not continuous.

The used in your example is not the past tense form, but the past participle form of the verb use. It is being used to form a passive clause. Passive clauses are typically formed with auxiliary be followed by a past participle. In your example, is is the 1st person singular present tense form of the verb be, so the tense is present, not past.

The present continuous (aspect) is a construction formed by using the auxiliary verb be followed by the -ing form of the verb (called the present participle). For the clause in your example to be continuous (and passive), it would have to be reworded: Amiodarone, a drug most commonly...is sometimes being used to treat...

See what I mean?
J