This would introduce lot of problems both game setting wise and game mechanic wise.
In the medival age alchemy was condemned, hunted and destroyed since it was a pre catholic church movement. It was associated with the occult due to its heavily theoretical, philosophycal and mistycal nature, and even now is widely viewed as an occult thing. It was highly abused by charlatans with magic potions and continues up till today. It was the very very early beginning of the chemistry and its developement.
Don’t think this would go well with the current world. Most of the towns have temples, sacred places of faith and godly things. So the church just like in our world would not give them a life. Especialy with all the witch hunting and other nasty deeds being preformed all around. The alchemy products themselves could not blend in and would be useless anyway. That leaves only few usable options. Poisons like the goblins, that is definitely neat. Maybe some herbal mixtures to remove negative effects like scared, drunk, and similar. There were no explosives or smoke nades, nor magical potions of any decription.