Yes. I have had this happen four times with piccs, and it is why I got a port (or a large contributing reason why) I'm assuming it's on the upper inside of your arm? Anyways, each time I got a picc my arm would break out in hives, then blisters, then crust over with this green stuff, weeping all the while. The hospital would only change it to something that was see-through (no gauze over the site) but my homecare nurse took one look at the damage and decided the skin was so raw and nasty it couldn't stand an occluded dressing. We put a sterile 2x2 gauze pad, then a 4x4 over the 2x2, and wrapped it all in that gauze wrap, and put a strechy sock thing over the gauze wrap. This had to be changed every day, but it was definately better. There are so many people with adhesive sensitivities on their upper arm- my friend who had a PICC for lyme had it too- I haven't spoken to someone who hasn't had this happen! What suprises me though is they still haven't figured this out...
My skin looked like I got a skin graft from the loch ness monster, but it did heal after we stopped putting dressing on it, and fully healed once the line came out. Hopefully this helps.