There is a special "problem" with this device (and presumably with many LASERS) compared to many other electronic components. Whereas we usually cool a device
To limit Tj (junction temperature) to a value that allows reliability and long life. Typically Tjmax may be in the 120-150C range BUT Tj operating is often kept much lower than this. This is to some extent changing - eg modern LEDs are now often specified to operate at 85C and some at 105 C and Cree lighting LED spec sheets give data for 105C operation and do not give specs at low temperatures.
To limit Tc (case temperature) to a temperature that is not "offensively high" even though electrically it may not matter. eg Tc above 50 C means the heat sink will burn fingers and Tc > 100C means the heatsink will boil water and cook eggs.
Whereas, in this case the efficiency of the device drops very significantly for increasing Tj. At a constant 60 mA you may get about 10.25 mW optical power out at Tc = 20C (Tj = say 30-45C) but only about 60% of that at Tc = 60C. As Tj and Tc rise power out drops, you need more power in to compensate, temperature rises further and efficiency drop further and you end up with VERY high Tc, low optical output and unacceptable efficiency. (Marcus covers that partially with his comment on the control loop.)
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Using the Osram PLT5 510 data sheet that Marcus cites.
Looking at the optical power output curve cited by Marcus we can see that at constant 60 mA, output at Tc (Tcase) =
Tc mW out-out
0 11.5
20 10.25
40 8.5
60 6.5