There are alot of different ways to get the sculpt for toy figures.
Most traditional is a wax pattern to make the final tool. Wax can take very fine detail. The wax pattern can be made into an EDM (electro discharge machining) tool and burned into the steel.
A digital model from FreeForm can also be used but when printed out will steel need to be cleaned up and possibly re sculpted in areas to get fine detail.
The final pieces can be injection molded.
hope this helps-