The word phakic comes from the Greek phakos, the lens of the eye. It means that the natural lens is kept: this is what sets this implant apart from the one placed during cataract surgery or a PreLex procedure, where the natural lens is removed.
The most widely used implant is the ICL (Implantable Collamer Lens). It is a thin, soft lens made of a biocompatible material, placed in the posterior chamber: behind the iris, in front of the natural lens. It stays stable there, invisible, and you cannot feel it.
Its power is calculated for your eye, and its size chosen from precise biometric measurements. It corrects myopia, hyperopia and, in its toric version, astigmatism, including at levels well beyond the reach of corneal laser surgery.
Why laser cannot correct everything.
Every dioptre corrected by laser uses up corneal thickness. Beyond a certain threshold, there would not be enough tissue left for the cornea to stay strong, and the risk of ectasia (progressive, irreversible deformation) would become unacceptable. The pachymetry measured at the assessment sets this limit for each eye. The phakic lens uses up nothing.