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

                                IVAX CORPORATION

                                SUPPLEMENT NO. 5
                               DATED MARCH 9, 2001

                                       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
adds to or 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 Conversion
                                            Notes Owned and                 of the Notes
Selling Security Holders                 Offered Hereby (1)(2)        and Offered Hereby (1)(2)
- ------------------------                 ---------------------        -------------------------
                                                                        
American Motorist Insurance Company          $   180,000                        4,845
Arapehue County Colorado                     $    34,000                          915
Lipper Convertibles, L.P.                    $15,525,000                      417,901
Morgan Stanley Dean Witter                   $ 3,000,000                       80,754
Pro Mutual                                   $   130,000                        3,499


- ---------------------------
(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.