Yes. The paper "pentadecapeptide BPC 157 (PL 14736) improves ligament healing in the rat" (Sikiric et al. 2010) examined BPC-157 orally and via IP injection -- there was very little difference between the two methods. And this was in an animal model where the MCL ligament, in the leg, was surgically transected.
Further, consider insulin. It's typically administered as an aqueous solution injected subcutaneously, and it's absorbed quickly and systemically, with local effects in the near-zero range.
It's possible to make an aqueous solution for SC injection that might have some degree of local efficacy, if it's injected near a target site. This, however, would involve tinkering with the PH of the solution to induce drug precipitation, post-injection, near the injection site. It's complicated, and not the sort of thing that gray market research chemists do.