Following the former glamour model's victory in a Cambridge Union debate last week - during which she took on a team including Boris Johnson's sister Rachel - Greer spoke out about Price's "sad success story".
Speaking during an 'Audience With' series at The Gate in Cardiff, Greer commented: "What has it cost Katie Price to be who she is? This young woman's life has become a nightmare. You may say it's of her own doing but it's still a nightmare.
"What a sad success story. The tabloids are waiting to annihilate Katie Price - is that a success story?"
Adding that she does not see Price "making old bones" without having experienced an "extraordinary epiphany", the Australian academic and commentator suggested that the 33-year-old could achieve this if she "takes out those implants, has a steak and chips and starts enjoying her life".
Responding to the comments via her Twitter page, Price wrote: "Its interesting what germaine greer has said about me not making 'old bones' and my life being a nightmare. (sic)
"Well I have 3 beautiful children so i would never say my life is a nightmare. I have regrets, hopes and fears but don't we all??"
She continued, joking: "Ive taken her advice and maybe the first step to the 'epiphany' i apparently need - i had steak and chips tonight xx
"seriously tho, GG rightly commands great respect but we all live our lives. she did CBB so cant be totally against life in the public eye. i think her life would be better with some pink high heel shoes, but I doubt she will agree xxxxx"
Yesterday (February 1), Price issued a strong response to an interview given by her ex-husband Peter Andre.
> Katie Price gets Equestrian Social Media Award nomination