If you are suffering from red, itchy patches on your penis, it is important to consult your doctor to get a proper diagnosis. A redness with itching on the gland may indicate a benign fungal infection known as balanitis. It is crucial to use the right medication for the specific condition, so it is recommended to seek medical advice before starting any treatment. Once you have a confirmed diagnosis, your pharmacist can recommend an over-the-counter cream or fill a prescription provided by your doctor.