For intravascular medication administration, does it matter if it goes into the vein or the artery?

IVs: It definitely does and most preparations are designed for intravenous due to the high pressures on the arterial side.

Yes.: There are very few medications that are given intra arterially and those few that are need to be monitored very closely. Most intravascular medications are given intravenously. If an intravenous medication is given through the artery this can be disastrous leading to loss of limb, stroke or even death.