Currently there are no ointments or gels that can be applied directly to the surface of the penis to facilitate erections.
There is a form of a pill that can be inserted as a suppository, directly into the urethra. The medication then gets absorbed by the lining of the urethra into the penile tissues to facilitate an erection. This pill is called Muse, M-u-s-e and is comprised of a product called alprostadil or Prostaglandin E1, which is a vasil dilator which allows for expansion of the blood vessels in the penis to increase blood flow to the penis and thereby creating an erection.
This medication can sometimes cause pain upon insertion into the urethra, can cause a little burning sometimes. So, in some cases patients might not like the effects of the medication. But it can be an effective treatment for erectile dysfunction.