From the history I read on it, no. There was too much philosophy involved in it. I am sure other schools of thought have picked up on the reasonable parts of alchemical theory. I would actually say that alchemy does live in today's world as chemistry. Alchemy was the root science of chemistry. When you take away all of the philosophical ideals about puritifying yourself, they did create some solid theories. Some of the instruments used in alchemy are still used in modern chemistry. Wikipedia is a good source for information, provided you can look at the posted references.
Well, alchemy was basically trying to transmute regular metals into rare metals...They had the hypothesis that this was how rare metals could be made. It is the forerunner to today's chemistry, so I guess that could be seen as a connection. It would pass the scientific method until the results.