An insert-molded suture anchor has a biodegradable polymer body molded around a loop of suture. A tapered end disposed on the proximal end of the body is received into a recess in the distal end of a hand driver. Anchoring ribs are formed along the remaining length of the anchor. The suture is held securely within the anchor body during the insert molding process. The anchor is produced by placing the braided suture within an injection mold, and injecting biodegradable polymer into the mold. Using a preferred plication driver, the suture anchor can be utilized for capsular plication procedures.