Why the baby-formula market is a mess: low competition, high regulation

It could take months for supplies to recover. Since Similac and Enfamil entered the market in the 1950s, they have dominated the American baby formula market without domestic or international challenges. This is due to strict regulations, which resulted in an inflexible market, vulnerable to when something goes wrong. As U.S. officials step in to ease the shortage, Jesse Newman and Annie Gasparro analyse how rising birth rates, the WIC, and disrupted supply chains have contributed to the formula crisis.