Yes. In fact, a whole class of deep red LEDs was developed where the spectra are optimal for photosynthesis, however, some broad spectrum LEDs are also added, partly for human convenience, so the result is a hot pink light. The advantage of this optimized light is that it provides what is needed by the plants with the least amount of heat possible and with the least amount of electrical energy use, which is important for commercial greenhouse operation. But, it goes even further because LEDs can be mounted in strings very close to the crops and they can be programmed to control plant development (in almost scary ways). All of this leads to a new form of green-housing called vertical greenhouses which can rely completely on artificial light. You can find a lot on this topic online in LEDs Magazine.