Filed Pursuant to Rule 424(b)(3)
                                                      Registration No. 333-43176

                                IVAX CORPORATION

                                SUPPLEMENT NO. 1
                             DATED NOVEMBER 15, 2000

                                       TO

                                   PROSPECTUS
                             DATED NOVEMBER 8, 2000


         This supplement is part of and should be read in conjunction with our
prospectus dated November 8, 2000. The information we present in this supplement
supersedes similar information included in the prospectus.

         We are supplementing the information under the caption "Selling
Security Holders" to include the following information:

                                                           Amount of Common
                              Principal Amount of        Stock Issuable Upon
                                Notes Owned and         Conversion of the Notes
Selling Security Holders     Offered Hereby (1)(2)     and Offered Hereby (1)(2)
- ------------------------     ---------------------     -------------------------

UBS Warburg LLC...........        $32,323,000                      870,070

- ---------------------------
(1)   Amounts indicated may exceed the total amount registered due to sales or
      transfers exempt from the registration requirements of the Securities Act
      since the date upon which selling holders provided to us the information.
      In addition, the conversion rate and, therefore, the number of shares of
      common stock that we will issue upon conversion of the notes, is subject
      to adjustment under some circumstances. As a result, the aggregate
      principal amount of notes and the number of shares of common stock into
      which the notes are convertible may increase or decrease.

(2)   We have assumed that the selling security holders will sell all of the
      securities listed. We cannot be sure that the selling security holders
      will sell all or any of the securities that they offer in this offering.
      The amount of securities listed in the table represents an estimate of the
      amount of securities each selling security holder will offer.