Anything that overlaps what magic will do is redundant. So while there can be many reasons to put alchemy in, the main reason to not have it would be this redundancy. That and BM hates consumables and limited use items, and unless enemies use alchemy well, it would be a player charecter only thing, and that's not going to happen.
I like the idea, but ultimately I don't think it fits, even if healing potions are in the game. Unfortunately, those might be anomalies or aren't made from alchemy, like it's water from the river Stix or the snot from the god or something, or maybe it's just raw turmaturgic energy, who knows.