Yes, synthetic life should be patentable because it gives companies an incentive to develop synthetic life. Most medicines and health developments and made and discovered by private companies. These companies need a reason to research synthetic life. Knowing they can protect their rights in what they develop will give them a reason to develop new technologies.
Synthetic life should not be patentable because many of the components of synthetic biology are already patented. Also, if patents are issues, all parts of living organisms would become property and potentially profitable for the patent holder. This could lead to difficulty for people who need the new medical discoveries to survive and may cause monetary corruption.