Sure, as long as one of the members of the same or highly related species has the medical properties you are interested in, artificial selection can help enhance or develop those traits. A great example of this is the work scientists do with willow trees.
Willow bark has been used for centuries as a source of medicinal compounds, most famously salicin, which led to the development of aspirin. A compound in willow called miyabeacin, which showed some promise in fighting cancer, was found a few years ago. Rothamsted Research (home of UK National Willow Collection) scientists have a collection of over 1500 willow species and hybrids, and they are working to identify any that produce higher amounts of these valuable medicinal compounds.
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