As per WIPO, Intellectual property (IP) refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce. Intellectual Property Rights (IPR) in the context of life materials, such as genetically modified organisms (GMOs), plant varieties, and biotechnological inventions, is a complex and ethically charged topic.

Present world scenario of IPR with respect to life materials:

1. International Legal Frameworks – Global agreements such as the Trade-Related Aspects of Intellectual Property Rights (TRIPS) agreement under the World Trade Organization (WTO) provide a baseline for IPR protection, including life materials. 
2. Economic Contributions of Biotechnology:  The global biotechnology market is projected to grow at a compound annual growth rate (CAGR) of 15.83%, reaching about $2.44 trillion by 2030. 
3. Global Patent Filings in Biotechnology:  According to the World Intellectual Property Organization (WIPO), biotechnology patent applications represented about 13% of all global patent filings.
4. Impact of Biopiracy:  A study by the International Centre for Trade and Sustainable Development (ICTSD) highlighted that up to 90% of traditional knowledge related to biodiversity remains unprotected globally, increasing the risk of exploitation.
5. Ethical Considerations and Public Perception:  According to a 2021 survey by the Pew Research Center, about 59% of respondents in developed countries expressed concern over the ethical implications of genetic engineering, which includes the patenting of life materials.

As per the Indian Patent Office, India filed about 65,000 patents in 2021-22, making it the second-highest filer of patents in the world, however only 5% of these lead to commercially viable products.

Reasons include:

1. Funding and Investment issues:  A report by NASSCOM indicated that Indian startups raised over $38 billion in funding in 2021, yet 40% of biotechnology startups cited access to capital as a primary barrier to commercialization.
2. Regulatory hurdles: According to Biotechnology Innovation Organization (BIO), about 55% of biotech companies reported that regulatory hurdles are significant barriers to bringing products to market.
3. Weak Industry-Academia Linkages:  Innovations in Indian research institutes like CSIR often don’t reach the market due to poor industry partnerships. Less than 10% of patents filed by institutions like IITs and CSIR are transferred to industries for commercialization.
4. Insufficient infrastructure – India’s technological and incubation infrastructure is inadequate to support startups and innovators.
5. Intense competition from global players: Despite having biosimilars like insulin and monoclonal antibodies, Biocon Ltd. faces intense competition from global players, leading to challenges in commercializing its innovations effectively.
6. Disputes over traditional knowledge: E.g. turmeric and neem tree patent controversy with U.S. companies. Though the patents were eventually revoked, it showcased the struggles in translating traditional knowledge into commercial applications.
7. Public Opposition: Innovations like GM seeds often face resistance, as seen in the Bt brinjal controversy in India.

Some key measures to strengthen commercialization include:

1. National Intellectual Property Rights Policy 2016 which aims to create a robust IPR ecosystem and promote innovation and entrepreneurship.
2. Establishment of Patent Facilitation Centers to provide guidance and support to inventors, especially small enterprises and startups.
3. Atal Innovation Mission (AIM) for providing funding and support for innovation hubs, and incubation centers.
4. Protection of traditional knowledge and biodiversity through the Traditional Knowledge Digital Library (TKDL).
5. Revisiting the Drug and Clinical Trials Rules (2019) to expedite the approval process for new drugs and medical devices.

By strengthening the IPR framework and startup ecosystem India can realize the objective of VIKASIT BHARAT and KNOWLEDGE ECONOMY by 2047.