The protection of intellectual property via patents and trademarks has long plagued economies around the world by allowing the formation of monopolies. As a result, the prices of many life saving hormones and medical instruments like insulin and Epipens have risen disproportionately to the average growth in household income. With this situation in mind, it seems clear that intellectual property rights are immoral; however, this problem is only a small problem when compared to the consequences of relaxing such regulations. While the rampant abuse of such laws make them appear evil, they play an important role in protecting small business and artists who, without such protection, would be driven out of business by larger corporations who could produce more and sell it for less. Considering that small businesses and independent artists are fundamental to driving creativity and innovation, it becomes clear that protecting intellectual property rights is not only necessary for economies to develop, but also a moral obligation.