Why, I don't know, since there's no branding, and just a handful of Google ads, but the site howmade.com, published by info giant Thomson Gale, has compiled information on the background, development, and manufacturing processes for hundreds of complicated things, from disposable diapers and car seats to home pregnancy tests to baby formula:
Until the early 1990s, infant formula was sold only as a pharmaceutical product. Salespeople presented their brands to pediatricians who would then recommend the products to new mothers. In 1992 federal antitrust actions resulted in manufacturers shifting their marketing strategies toward more direct marketing techniques. Now, in addition to pharmaceutical sales, manufacturers rely heavily on direct mail campaigns and TV and print advertising to recruit new customers. In the United States alone, the infant formula industry is a $3 billion-a-year business with approximately another $1 billion in sales outside of the United States.How Products Are Made [madehow.com via coudal]
My wife's Baby Book contained a clipped out recipe for home-made formula from the late '60s. The base ingredient was corn syrup.
[which is still very popular in Japan, btw. -ed.]