The ability to manage products from the Azure portal is currently being rolled out in public preview.
Just click on the Products menu item of your API Management service:
It is now possible to edit product policies from the Azure Portal without having to resort to the publisher portal:
Support for RBAC is another new addition coming with this release. We are still polishing this functionality and it should be noted that while the publisher portal is in existence there will always be a way around any RBAC rules set. The publisher portal will be deprecated once all functionality from it is transitioned to the Azure portal.
A known limitation today is the lack of support for AAD groups when setting product visibility. Expect that in the coming weeks.
If you do not see the new Products functionality in your Azure Portal it may be that you have an old cached version. One way to refresh it is to open Portal settings from the gear icon in the top right and then click on ‘Restore default settings’ from the bottom. Of course you would also reset your settings, but if you are impatient it’s an option.