<<Disclaimer:  Verify this information before applying it to your situation.>>

The answer can be, and often is yes.  You have to know what the derivative
is.  If it is from soy, for instance, it's fine.  But if it's from wheat,
it's obviously not.  You may notice that some products list Hydrolyzed Soy
Protein, which specifically tells you what it's from.  But if it says
Hydrolyzed Vegetable Protein, you need to call the manufacturer and find out.